Ann: Sale of Pushpay shares, page-2

Firstly, the sale of 2.15 m shares each since the last Holder disclosure on the 20th April ties with the trading volume and patterns over the past few weeks. Daily volumes have consistently been well above the norm and whilst there would have been an element of profit-taking post the results and subsequent lift in guidance, the pattern has suggested willing seller / willing buyer, managed IMO.

Todays news, whilst impacting the share price, is supportive of continued shoring of the Register. The announcement implies attracting new investors in Europe and the States. If. I had to money on it, I would suggest we are looking at a major acquisition before year-end, this time funded via a Capital Raising. IMO, shoring up of the Register is being done proactively in advance. Fits well with a Company which leaves little to chance.

I have my fill on PPH, but buying at $7.80’ish today presents a gift IMO. A strong and diverse Share Register is a positive, not a negative. Consider that the news this morning in no way changes the fundamentals of this business. The juicy EBITDA guidance for FY2021, provided on the 18th June, stands and in all probability will be upgraded again before FYE.

Rokewa